Lloyds Executive Named to Run Portugal's Novo Banco

Lender Was Formed When Banco Espírito Santo Was Dismantled

LISBON—Portugal's central bank on Sunday appointed a Lloyds Banking Group executive to run the good bank resulting from the collapse of Banco Espírito Santo SA, following the resignation of the three-person team that had taken over in July.

Eduardo Stock da Cunha, 51 years old and an audit director at Lloyds, will have the difficult task of retaining customers at the bank, called Novo Banco, while it prepares itself for a sale,...